Employment stats - caution needed as significant slump in some sectors
Clare McNeil, IPPR Associate Director for work and families, responding to this morning's employment statistics, said:
"While we should welcome these latest jobs figures, we should keep a close eye on how particular industries and occupations are faring as we negotiate the uncertain period ahead for the economy.
"In headline terms, the latest employment figures look encouraging with increases in employment and fewer people unemployed.
"While this is promising for the economy given the uncertainty following the vote to leave the EU, it is still the case that almost half of the increase in employment compared with the same period last year is due to higher rates of self-employment. Almost half of the UK’s self-employed are in low pay, measured on an hourly basis, compared with around a fifth of employees.
"While the overall picture in terms of vacancies still looks strong, officials statistics cannot tell us what is happening in specific industries or occupations. Caution is needed as data from IPPR and Burning Glass shows that there was a significant slump in vacancies in the finance sector between May/June to July/August, with a 13.6 per cent drop in vacancies in the finance sector in London, and a 10 per cent drop in England as a whole."
Kieren Walters, 07921 403651, email@example.com
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